ST Engineering’s subsidiary, ST Marine, has been awarded a contract by Singapore’s MINDEF for the detailed design and construction of six Multi-Role Combat Vessels (MRCVs) for the Republic of Singapore Navy (RSN). The vessels will be delivered progressively from 2028.
Singapore Technologies Engineering (ST Engineering) (SGX:S63
) has sizeable defence contracts in the pipeline, with a Ministry of Defence (MINDEF) contract announced March 27 worth up to $1.8 billion, according to estimates by CGS-CIMB Research analysts Lim Siew Khee and Kenneth Tan.
In a March 27 note, Lim and Tan maintain “add” on ST Engineering with an unchanged target price of $4.00, which represents an upside of 10.2% against its last traded price of $3.63 on March 27.
